Ringgit opens marginally higher against US dollar

KUALA LUMPUR: The ringgit opened marginally higher against the US dollar today, weighed by firmer global oil prices, a dealer said.

As at 9am, the local unit opened 4.2550/2620 against the greenback compared with 4.2560/2610 Thursday.

At the time of writing, benchmark Brent crude for August was up 0.25% at US$43.42 per barrel.

However, escalating tensions between the US and China curbed the slight positive trajectory of the ringgit.

“Investors are currently consolidating assets in emerging markets due to the heightened pressure between the two economic powerhouses,” the dealer told Bernama.

The rising number of jobless claims in the US for the first time since March to 1.4 million last week amid a resurgence of Covid-19 cases in the country, also weakened demand for the greenback.

Meanwhile, the ringgit was traded mostly lower against other major currencies.

It decreased versus the British pound to 5.4290/4383 from 5.4166/4251 and weakened against the euro to 4.9413/9512 from yesterday’s 4.9331/9398.

The local unit eased vis-a-vis the Japanese yen to 3.9938/4.0008 from 3.9716/9767 but marginally rose against the Singapore dollar to 3.0731/0797 from 3.0734/0774 on Thursday.